Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:
Aug.1
Inventory on hand—2,600 units; cost $6.66 each
8 Purchased 12,000 units for $6.27 each.
14 Sold 7,500 units for $14.13 each.
18 Purchased 4,700 units for $6.00 each.
25 Sold 8,300 units for $16.13 each.
31 Inventory on hand—3,500 units.
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Required:
Determine the inventory balance Altira would report in its August 31, 2011, balance sheet and the cost of goods sold it would report in its August 2011 income statement using each of the following cost flow methods: (Do not round intermediate calculations and round final answers to the nearest dollar amount. Omit the "$" sign in your response.)
FIFO
LIFO
Average Cost
This question was answered on: Sep 21, 2023
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